% of market value all said and done

[Kris Johnson]

Hello guys,

I have a question that I did not know where to go to for insight and advice on, and I figure if place can give me insight, it will be BiggerPockets.

I am looking to partner with a colleague who has been buying distressed properties and then renovating them. He then has done cash out refinance and held them as rental properties.  Over the years, he turned his hobby into where he now has 40 properties.  I wanting to partner and see if he can scale up to help me buy "turn key" ready properties at a cheaper cost than through some of the well known providers.  

When you typically do a Flip, what is a good ball figure for your total costs (purchase, holding costs, renovation costs) as a % of appraised market value?  It is realistic to be able create turnkey properties for  80 - 120k houses in the mid west for 80% of market value or less (total all in costs 64 - 96K)?

Are there any providers out there that sell portfolios of SFH which are turn key ready at 85% of Market value or less?

Thanks guys!